Madhucon Projects Ltd’s plan to list all its development projects under Madhucon Infra will have to wait till next June because of a Securities and Exchange Board of India (Sebi) norm concerning re-pledging of shares.

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Madhucon’s director of finance S Vaikunthanathan had earlier said the company would file the draft red herring prospectus in this month.

Madhucon plans to bring six of its special purpose vehicles (SPVs), including four roads, one power project and one coal project, under Madhucon Infra and then list it to raise Rs 500-600 crore.

DNA broke the story last September.“The shares of the SPVs, which were pledged with banks, will now have to be transferred to Madhucon Infra and then have to be re-pledged, which will be completed by June 15,” said Vaikunthanathan.

He added that once the SPV lenders gave the go-ahead for the re-pledging, the merchant bankers to the issue approached the SEBI on the same. “According to Sebi norms, we have to wait a year after the shares have been re-pledged before we file the DRHP,” Vaikunthanathan stated.

IDFC-SSKI, Edelweiss, SBI Capital Markets, ICICI Securities and Motilal Oswal Securities are the merchant bankers to the IPO.Meanwhile, the company is still in the process of doing a pre-IPO private equity placement, Vaikunthanathan said.

He had told DNA in December that if the IPO were delayed, the company would go for a pre-IPO placement.

Any new development project the company bags will be under Madhucon Infra.

Of the four highway projects of Madhucon’s, two are operational and the other two will begin tolling in the next two months. While the first phase of 300 mw of the company’s 1920 mw power project will be commissioned in Feb—March, the company is in the final stages of tying up Rs 1,620 crore for the second phase. “We will achieve closure by May 25,” Vaikunthanathan said.

For the year ended March 31, Madhucon’s topline rose 33% to Rs 1307.60 crore and net profit fell from Rs 46.90 crore to Rs 43.22 crore.